A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.
Read more about Flat Tax: Requirements For A Fully Defined Schema, Recent and Current Proposals
Famous quotes containing the words flat and/or tax:
“It would astonish if not amuse, the older citizens of your County who twelve years ago knew me a stranger, friendless, uneducated, penniless boy, working on a flat boat—at ten dollars per month to learn that I have been put down here as the candidate of pride, wealth, and aristocratic family distinction.”
—Abraham Lincoln (1809–1865)
“But the tax collector, standing far off, would not even look up to heaven, but was beating his breast and saying, ‘God, be merciful to me, a sinner!’”
—Bible: New Testament, Luke 18:13.